Ayzenberg Junior Strategist Ashley Otah recounts this week’s trends.
Reading the room. Since the beginning of its data tracking in 2004, NPD Bookscan cites 2021 as the best-selling year for print books. A significant player in the rise of book sales is social media. Spaces like #BookTok on TikTok provide a haven for long-time book lovers and those looking to dive deeper into the world of words. Booksellers such as Barnes & Nobles have taken heed and created BookTok sections in-store and provided easy access to The Most Popular TikTok Books online. The power of social media and the ability to pivot has proven successful as books have surged in popularity. Navigating real-time reactions and recommendations in stride can help brands find their footing in this ever-changing landscape.
The wars wage on. Disney+ ran the first test of its livestreaming capabilities with the Academy Award nominations’ streaming, which hints at future offerings from the service. Recently, there have been more talk surrounding subscription overload and the resurgence of the traditional cable experience. In 2018 – 2021, the most significant factor for canceling subscriptions was the price. Deloitte predicts that in 2022, at least 150 million paid subscriptions to subscription video-on-demand services will be canceled worldwide. With everything becoming a subscription model, brands must provide a value proposition well within audience wallets.
Digital dash. L’Oréal, the French personal care company, recorded a historic performance. 2021 alone extended its e-commerce digital lead by 25.7%, helping mark its most significant growth in 33 years. A critical factor in this growth was the companies exploration and utilization of new digital channels. Often overlooked or given limited shelf life as they arise, new digital channels offer opportunities that are a force spanning all industries. As a result, L’Oréal was able to harness strategic partnership, social and environmental benchmarks, and digital channels, among other things, to close out the year prior fiercely. Matching adapting consumer aspirations and continuing an omnichannel approach looks to be a recipe for success.
Like Wordle, audiences crave simplicity over complexity during continued uncertain times. Siegel+Gale’s research unveils that 57 percent of people are willing to pay more for simpler experiences. Reinventing the wheel may seem like the next best move, but catering to audiences’ craving for simplicity can be an efficient and more profitable resolution.
Going for gold. The 2022 Beijing Olympics have begun. However, the games are on track to be the lowest-rated winter Olympics in American history. The ratings align with the decline in TV programming across the board, which continues to present itself as a feat. Although TV audiences continue a downward trend, digital-viewing behavior in addition to streaming services offers a new future. Combining the varying channels allows wider audiences to interact with TV events that otherwise may have overlooked them. Thus, brand affinity can be bolstered by audiences who can interact, watch, and stream when most convenient for them. Entities that demonstrate agility while they navigate the space will climb their way up the winners’ podium.